Barack Obama on Taxes

The Wall Street Journal reports that once again the United States is second only to Japan for the highest corporate tax rate at 39.9% average (federal and state combined). This is 50% higher than the average of our international competitors combined and only strengthens the argument that American companies are becoming less competitive globally because of our domestic policies. Our corporations remain strong enough for now because of the advanced level of technology and services. Simply put, other nations’ corporations simply do not have the infrastructure to compete. However, with nations such as China and Japan moving from a developing economy to a high tech economy, American companies may not have this advantage for very long. In order to remain competitive, the United States must lower corporate taxes at both the federal and state level. Right now, if you are a California, New Jersey, or Pennsylvania corporation, you can forget about being cometitive within the United States, let alone globally.

Yet the Democrats are intent on continuing their misguided policies of “tax the rich, give to the poor.” They think that this is going to improve our economy, when the any economist will tell them the opposite is true. Barack Obama has repeatedly shown himself to be in this group of people. Here is an exceprt from the 2008 Democratic Debate in Philadelphia:

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